Thu 16 December 2021:
The World Bank’s fund to assist the world’s poorest countries received a $93 billion injection of cash on Wednesday to help scale up funding for pandemic recovery and other projects.
The International Development Association (IDA), located in Washington, said it was the largest ever replenishment for the development lender, which gives grants to 74 nations, the majority of which are in Africa.
According to a release, the package comprises $23.5 billion in contributions from 48 high- and middle-income nations, as well as capital market funding and World Bank commitments.
“Today’s generous commitment by our partners is a critical step toward supporting poor countries in their efforts to recover from the Covid-19 crisis,” World Bank President David Malpass said.
The IDA fund is refilled every three years, however because to the epidemic, the most recent funding injection was moved up a year and will last until June 2025.
The funding, according to the World Bank, will benefit countries in better preparing for future crises such as pandemics, financial shocks, and natural disasters.
The IDA fund is refilled every three years, however because to the epidemic, the most recent funding injection was moved up a year and will last until June 2025.
The funding, according to the World Bank, will benefit countries in better preparing for future crises such as pandemics, financial shocks, and natural disasters.
While the money will benefit countries all across the world, they will disproportionately benefit Africa, which will get roughly 70% of the funding.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
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